Cryptocurrency exchange OKCoin said on Friday that it has expanded its trading operations to 20 new states in the US and now offers transactions between a number of major digital currencies.
The expansion comes as OKCoin enhances its regulatory status after it already filed for a money transmittal license (MTL) that allows the venue to offer both crypto-to-crypto and fiat-to-crypto trading pairs. OKCoin has previously filed a Money Service Business (MSB) registration with the US Financial Crimes Enforcement Network (FinCEN) in November 2017.
In addition to California users, the new service, which the exchange says is “fully compliant with both Federal and State laws”, is currently available to users in Alaska, Arizona, Colorado, Idaho, Illinois, Indiana, Kansas, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nevada, New Jersey, Tennessee, Texas, Utah, and Wisconsin.
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According to the statement, OKCoin is already accepting US dollars deposits and withdrawals, as well as trading against Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum (ETH) and Ethereum Classic (ETC). More trading pairs are set to be supported in the future, the exchange further revealed.
As the exchange is digging further into the US crypto market and attract investors, OKCoin is also offering some promotional terms with its fees going down as low as 0 percent for makers and 0.05 percent for takers.
OKCoin was one of the three major crypto exchanges in China before the authorities’ crackdown on the virtual asset industry, including a ban on ICOs in September 2017. Fleeing the hostile business environment, the exchange along with its peers have since shifted their operations overseas.
Commenting on the news, OKCoin CEO Tim Byun said: “In order for the cryptocurrency market to reach its full potential, exchanges like OKCoin have to work with existing and new regulators for convertible virtual currency, digital goods, and/or securities. Our team has worked diligently within the complexities of the US regulatory frameworks. We’re excited to take this major step forward as we aim to break down the barriers preventing a truly global digital asset market while adhering to long established regulations.”